Mr. Nolan Peterson reports

ATLAS SALT PROVIDES CONSTRUCTION, PERMITTING AND CORPORATE UPDATE ON THE GREAT ATLANTIC SALT PROJECT

Atlas Salt Inc. has provided an update on construction, permitting and financing progress at the Great Atlantic salt project. Following the commencement of early works announced on Feb. 27, 2026, the project has advanced into active site construction, with the company's surface earthworks contractor mobilized and earthworks under way.

Summary of key points:

• On Grade Construction and other contractors have been mobilized to site, with early works construction under way;
• Town development permit from the Town of St. George's confirms full early works scope authorization under a single permit, streamlining the process now and in the future;
• All committed environmental and safety protocols are active with avifauna protection measures in place;
• Project financing activities are well under way and on target with indications of interest from prospective lenders and strategic partners;
• Multiple lenders and financing partners are in an active due diligence process.

Nolan Peterson, president and chief executive officer of Atlas Salt, commented: "It has been a busy and productive few months at Atlas, and I'm pleased to update stakeholders on our progress. With construction crews on site, our town development permit confirmed for the full early works program and the financing process under way, the Great Atlantic salt project has moved decisively from planning into execution. The discipline our team is demonstrating in the field, measured progress, strong safety performance and active environmental oversight is the same discipline we will carry into capital works construction, and it underpins the strong early interest we are seeing from the financing community."

Early works construction progress

Atlas Salt's surface earthworks contractor, On Grade Construction, mobilized to site in early May and is actively executing the approved early works program. Activities to date include vegetation clearing, grubbing and earthworks across the project footprint, together with the installation of temporary drainage infrastructure and erosion-and-sediment controls.

In the coming months and subject to weather and site conditions, the company expects the early works program to advance from initial clearing and bulk earthworks into the balance of the authorized site-development scope. Planned activities include:

• Construction of the primary and secondary access roads and on-site road network;
• Establishment of construction laydown areas and temporary facilities;
• Progressive earthworks to shape site terraces, the life-of-mine stockpile foundations, and the catchment and diversion ditches, together with the peripheral berms and fencing that define the developed footprint;
• Environmental and sediment-and-erosion controls will continue to be installed and maintained ahead of and throughout these works.

This program is expected to establish the infrastructure required to support the transition into capital works construction as project financing is advanced.

Prior to vegetation clearing, Atlas Salt engaged Strum Consulting to complete avifauna nest sweeps across the approved clearing footprint during the spring migratory-bird arrival window. Clearing commenced only after sweeps confirmed no active nests in the planned area. A nest-protection protocol, overseen by ICI Innovations and supported by on-site personnel, remains active throughout the clearing program in accordance with the project's approved environmental protection plan.

Regulatory and permitting progress

On April 30, 2026, the Town of St. George's issued Atlas Salt a development permit authorizing the commencement of site-development work for the project's early works program. Following collaboration with the town, written confirmation was provided that the development permit applies to the full scope of activities set out in the approved early works mine development plan and rehabilitation and closure plan, rather than to grubbing and bulk earthworks alone. The town confirmed that the permit authorizes the complete range of early works activities. Prior to this confirmation, it was expected that the company would be required to submit multiple town development applications reflective of granular work packages. This now confirms that the company can advance the full early works program under a single existing municipal authorization, rather than applying for separate development permits for each work activity. The company expects this streamlined process to significantly reduce the administrative permitting overhead for the entire project in the coming years.

The company views the town's confirmation as a direct reflection of the strong, sustained community support the project continues to enjoy in St. George's and the surrounding region and of the constructive working relationship between the company and the town.

Project financing update

Atlas Salt continues to advance project financing activities for the Great Atlantic salt project, supported by its financing adviser, Endeavour Financial. As previously disclosed, the company is pursuing approximately $350-million to $400-million of senior secured debt, with the potential for additional subordinate debt, anchored by the updated feasibility study (UFS) released on Sept. 30, 2025, which delivered an after-tax net present value (discounted at 8 per cent) of $920-million, an after-tax internal rate of return of 21.3 per cent, a 4.2-year payback at a steady-state production rate of 4.0 million tonnes per annum and approximately $188-million in after-tax free cash flow over a 25-year mine life.

The company has now gone to market and received indications of interest from prospective lenders, vendor-financing counterparties and strategic financing partners across multiple jurisdictions. Multiple interested parties are currently working within the company's established due diligence process. Concurrent workstreams include continuing engagement with export credit agencies. All discussions remain non-binding, and the company will provide further updates as material developments occur.

Engagement of Outside The Box Capital Inc.

The company announces that it has engaged Outside The Box Capital (OTB), a marketing services firm based in Oakville, Ont., that provides investor awareness and digital marketing services to public companies, for the provision of marketing and distribution services. The services include planning and distributing company-approved content across social media channels, increasing investor awareness, and producing feature content on media channels.

The engagement is for a term of six months from the date of this news release. The total cost is $150,000 plus applicable taxes, payable on the effective date from the company's general working capital. There are no performance-based factors in the compensation, and Outside The Box Capital will not receive shares or options.

Outside The Box Capital has no direct relationship with the company other than as set out in this release. To the company's knowledge, Outside The Box Capital does not hold any securities of Atlas Salt or have any right to acquire such securities but may purchase shares during the term of the engagement.

The engagement of Outside The Box Capital remains subject to TSX Venture Exchange approval.

About Atlas Salt Inc.

Atlas Salt is developing North America's next salt mine and is committed to responsible and sustainable mining practices. With a focus on innovation and efficiency, the company is poised to make significant contributions to the North American salt market while upholding its values of environmental stewardship and community engagement.

We seek Safe Harbor.